Accounting News Roundup: Comfortable Audit Firms and Non-GAAP Whistleblowers | 05.21.18

mnuchin tesco trial identity fraud

The ‘big four’ auditors have life far too easy [FT]
Jonathan Ford writes that “There is a public interest in making life less comfortable for the masters of the auditing universe,” also noting that “Britain could catalyse wider action by leading the way [by forcing a break up.]”

The Big Four: Break-Up or Audit Only? Can They Survive the UK Regulators? [re:Balance]
Meanwhile, Jim Peterson worries that the torches and pitchforks in the U.K. might not realize what they’re doing. He points out that since mandatory re-tender was implemented in Britain that Grant Thornton has given up on auditing FTSE 350 companies and BDO might not be far behind. Also, he says audit-only firms are not the panacea they’re made out to be.

Deceptive non-GAAP financials will lead to future SEC whistleblower awards [AT]
Given their widespread use, the possibility of the SEC paying awards for some extra-egregious non-GAAP reporting seems like a pretty good bet.

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Previously, on Going Concern…

After taking Thursday off to get a few things in order, a rebuilt and redesigned Going Concern debuted on Friday.

Greg Kyte’s Exposure Drafts cartoon noted that accountants are perfectionists about their perfectionism.

Jason Bramwell wrote about controllers preparing their teams for an IPO.

The University of North Carolina presented a post about how accounting skills make a difference.

In other news:

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